QuickSwap Will Burn 100% QUICK Tokens

Bittime - QuickSwap, a decentralized exchange (DEX) platform, is proposing a major change in their tokenomics, namely a plan to burn 100% of purchased QUICK tokens. 

Over the past few years, a portion of QuickSwap's revenue was used to buy back QUICK tokens on the open market and distribute them as staking rewards in Dragon's Lair. 

However, this time the QuickSwap community was given the opportunity to decide whether they would run a test burn of 100% of QUICK tokens. This could have a significant impact on the price and scarcity of the QUICK token in the future.

What is Token Burn?

Token burn is a process where a certain number of tokens are permanently removed from circulation. This is done by transferring tokens to an address that can no longer be accessed. This process is designed to reduce the total number of tokens in circulation, which often increases the scarcity and potential price of the token. 

In this case, QuickSwap plans to do token burn QUICK, which will reduce the total supply and may increase the value of the remaining tokens. This process has often been done in various other crypto projects such as PancakeSwap.

Also read: What is QuickSwap? The Complete Guide for Beginners

Why Does QuickSwap Want to Burn QUICK Tokens?

Burning QUICK tokens is not only to increase value, but also to align the interests of token holders with the long-term sustainability of the project. 

During this time, QuickSwap has used a portion of the revenue to buy back QUICK tokens and distribute them as staking rewards. 

However, if the community approves burning 100% of the repurchased tokens, then these tokens will no longer be distributed, but rather removed from circulation. This has the potential to reduce token inflation and make tokenomics more attractive to investors.

Token Burn 3 Month Trial

QuickSwap is proposing a three-month token burning trial. During this period, all QUICK tokens bought back from platform revenues will be burned. The community has a say in determining whether this trial will take place or not. 

Discussions regarding this plan will take place on QuickSwap's official Reddit until September 5, 2024. After that, formal voting will be held via the Snapshot platform from September 5 to 9, 2024.

By regularly burning tokens, the number of tokens in circulation will decrease significantly. This could have a positive impact on the price of QUICK, especially if accompanied by high trading volume in the future. 

For example, PancakeSwap which has implemented a similar token burn mechanism, managed to increase the value of their CAKE tokens significantly after the token burn was carried out.

Token burning quickswap burn This is one step to strengthen tokenomics and increase the attractiveness of QUICK tokens for investors. If this vote is successful, then the QuickSwap community will see real impact from token burn quick to the market and token value.

How to Buy Crypto on Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. 

Learn How to Buy Crypto on Bittime.

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